Kazakh Oil Flows From Black Sea Set to Match Record in May
Workers perform maintenance on an oil pumping unit at an oilfield near Atyrau, Kazakhstan.
Photographer: Andrey Rudakov/BloombergExports of mostly Kazakh oil from a port on Russia’s Black Sea coast are set to match a record next month, offering a degree of relief to European refiners who have been struggling to secure supplies following the effective closure of the Strait of Hormuz.
Loadings of CPC Blend, including cargoes from Kazakh and Russian origin, are expected to rise next month to about 1.7 million barrels a day, according to traders with knowledge of the loading program, who asked not to be named as they are not authorized to speak to the public. This would match September’s record of 1.72 million barrels a day.